Westgold Resources
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Westgold Resources (WGX) investor relations material

Westgold Resources Q2 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2026 earnings summary21 Jan, 2026

Executive summary

  • Achieved record quarterly gold production of 111,418oz in Q2 FY26, up 33% quarter-on-quarter, driven by higher grades, strong Murchison operations, and increased third-party ore purchases.

  • Realized record gold sales of 115,200oz at an average price of $6,356/oz, generating $732M in revenue and driving strong financial performance.

  • Underlying cash build doubled to $365M in Q2, with closing cash, bullion, and liquid investments at $654M, a $182M increase from the previous quarter.

  • Company is now debt free after repaying $50M in drawn debt and remains unhedged, fully exposed to gold price movements.

  • Strategic focus on building cash to provide flexibility for shareholder returns and reinvestment in organic growth.

Financial highlights

  • All-in sustaining cost (AISC) for Q2 FY26 was $3,500/oz (inclusive of OPA), up from $2,861/oz in Q1; excluding OPA, AISC was $2,945/oz.

  • Net mine cash flow doubled in Q2 to $232M, with mine operating cashflow at $319M and net mine cash inflow of $265M.

  • Realized margin of $2,856/oz on higher sales volume, with net mine cashflow per ounce at $2,373/oz.

  • Bullion sales increased 21% quarter-on-quarter, with $49M in closing bullion inventory.

  • Paid $76M in one-off stamp duty for the Karora transaction.

Outlook and guidance

  • FY26 production guidance maintained at 345,000–385,000oz, with AISC guidance of $2,600–$2,900/oz (exclusive of OPA costs).

  • Three-year outlook targets annual gold production of ~470,000oz by FY28 and AISC reduction to ~$2,500/oz from FY27.

  • Margin expected to improve in H2 FY26 as major one-off and OPA costs decrease and cost base lowers.

  • Key growth projects (Bluebird-South Junction, Great Fingall, Beta Hunt) advancing to plan, expected to structurally lower costs and increase output.

Higginsville mill expansion timeline and funding
OPA impact on H2 FY26 costs and production
Impact of portfolio streamlining on margins
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Frequently asked questions

Westgold Resources Limited is an Australian company specializing in the exploration, operation, development, mining, and treatment of gold assets, primarily located in Western Australia. The company's operations encompass a suite of assets including the Bryah Operations, Murchison Operations, Meekatharra Gold Operations, and Cue Gold Operations, covering a vast area of 1,300 square kilometers in the Murchison region. Westgold Resources Limited is headquartered in Perth, Australia, and its shares are listed on the Australian Securities Exchange.

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